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Also, as for OP's general question, I believe it would come with an installation disk so that you can skip the whole process. Steam does have a system where developers can provide the entire game via a physical copy, but you still need Steam to activate the game (except you won't have to download all of it). I got that first Metro game ages ago on retail and although I had to use Steam to install and activate it (it's actually the reason why I now use Steam, as that was the first game I could buy by myself), I didn't have to download anything besides updates if there were any.
But as it's been mentioned, no retail copies in the US.